The City of Lakes Home Team is here to help you find your perfect home!
This is an exciting time – and the buying process, when handled properly with the right team of professionals, can be a thrilling and fun experience.
Step 1: Select a Real Estate Professional
When selecting an agent it is important to choose a professional with a proven track record, who you know you can trust, and someone you can have fun with! The City of Lakes Team has dedicated buyer specialists who are specifically trained to represent buyers at the highest level!
Step 2: Obtain Mortgage Preapproval
When preparing to meet with a mortgage professional to get your pre-approval be prepared to provide income and tax documentation and to have your credit score pulled. We work with several proven lenders – find their names HERE.
Step 3: Identify & View Properties
THE FUN PART! Now that you are pre-approved for your loan, you know what your budget is and you can begin to look at homes that match your needs.
Your buyer representative will escort you through properties until you find “The One”. You can start an online search for properties now by clicking HERE.
Step 4: Make & Negotiate Your Offer
The “nervewracking part”. This can be the hardest part of the home buying process as you make an offer, negotiate with the sellers, and ultimately come to an agreement that all parties are comfortable with.
Step 5: Remove Contingencies
Most home buyers choose to perform an inspection on their property and they write their purchase offer contingent on the results of the inspection. After coming to terms during negotiations, you will perform your inspection and based on the results you will a) cancel your purchase offer b) renegotiate the offer or c) remove the inspection contingency.
Depending on the terms of your offer you may have additional contingencies to remove prior to closing as well.
Step 6: Finalize Mortgage
Now that you have a fully executed purchase agreement on a home your mortgage can be fully finalized. This will include an appraisal, obtaining homeowners insurance on the property, providing any additional financials, and clearing a final credit check.
Step 7: Title Search
In preparation for closing on your home the title company will update the title and deed to the property to legally transfer ownership.
Step 8: CLOSING!
Your closing is the official appointment where buyers and sellers sign all necessary documentation to finalize the loan documents and legally transfer the property ownership! You will bring a cashiers check for your down payment and closing costs. After all documents are signed and funds for your loan are wired and transferred appropriately, you will receive your keys!